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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Sunday, December 30, 2012

You know, of course, that the executives of Goldman Sachs count themselves as part of the upper 1%. The money that gives them that status was fraudulently obtained through the selling of toxic assets to pensions and savings groups and by other nefarious actions many of which have been recounted in this blog. What does that mean to the rest of us?

By providing loans and creating increased indebtedness, Goldman has helped to successfully re-distribute wealth to their advantage and to everyone else's misery and penury. At the end of her article, Pam Martens lists several ways to combat Goldman's bad practices:

The richest 1 percent received over one-third of the
total gain in marketable wealth over the period from 1983 to 2007. The
next 4 percent also received about a third of the total gain and the
next 15 percent about a fifth, so that the top quintile collectively
accounted for 89 percent of the total growth in wealth, while the bottom
80 percent accounted for 11 percent.

Debt was the most evenly distributed component of
household wealth, with the bottom 90 percent of households responsible
for 73 percent of total indebtedness.

. . . .

In both eras, Wall Street ceased being an allocator of capital to worthy
enterprises and became an institutionalized system of rigged wealth
transfer. The primary artifices this time around included issuing
knowingly false stock research; lining up large institutional clients to
buy at predetermined prices (laddering) on the first day of a new issue
of stock – this made the price appear to soar and thus sucked in the
small investor; threatening to take the stock broker’s commission away
(penalty bid) if the broker let the small investor take profits in the
newly issued stock – the practice was known as flipping and was reserved
for the big boys. When the tech mania went bust and the rigged game was
revealed, the small investor left in droves. Wall Street, with the
Fed’s able assistance, fueled the next bubble – housing – and crafted
complex derivatives to turn this market into a cash cow for Wall Street
and foreclosures for Main Street. And, we are just now learning some of the details about how even interest rates were rigged against the little guy – the Libor Scandal.

Read the article and see the suggestions for combating the rigged wealth transfer here

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com